Is Champaign, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Champaign is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Champaign has remained a Seller's Market.

Key Takeaway

Champaign is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Champaign, IL

How much do homes in Champaign, IL cost?

Median Sold Price

$215,125

$139/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,167(+16.3%)

Key Takeaway

Homes in Champaign have sold for 16.3% more than they did a year ago.

Summary: The median home sold price in Champaign was $215,125 in May 2024, up 16.3% from last year, and the median price per square foot was $139.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $78.2K$110.5K
+41.2%
2 $140K$157K
+12.1%
3 $180K$205K
+13.9%
4 $284.9K$325K
+14.1%
5+ $329K$360K
+9.4%

Summary: Champaign housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.2%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 13.9%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 9.4%.

Median Sold Price Compared To Nearby Cities

Champaign
+16.3%
Champaign City Township
+12.5%
Savoy
+7.1%
Champaign Township
-3.3%

Housing Supply in Champaign, IL

How many homes are available in Champaign, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
255281+10.2%

Summary: The Champaign real estate market had 281 homes for sale in May 2024, a 10.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 34
+33.3%
2 3636
0.0%
3 126125
-0.8%
4 7091
+30.0%
5+ 2025
+25.0%

Summary: The Champaign housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
7178+9.9%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

37 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Champaign, you could pay more than the asking price. 47.4% of homes here sold above asking price last month.

Summary: A total of 78 homes were sold or pending in Champaign in May 2024, up by 9.9% month-over-month. Of the 78 sold homes, 28% were sold under asking, 24% were sold at asking, and 47% were sold over asking.

Days on Market for Champaign, IL

How long does it take to sell a home in Champaign, IL?

Average Sale Time

May 2023May 2024CHANGE
27 Days30 Days+10.4%

Summary: Homes in Champaign had an average of 30 days on market in May 2024, up by 10.4% compared to last year.

Breakdown of Home Sale Times

60 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Champaign are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 78 homes were sold in Champaign; 77% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Champaign, IL

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